Relay Banking Review

Pros

• No fees or minimum balance
• Multiple checking and savings accounts with high APY
• Debit cards for employees
• Integrations with popular software
• Cash deposits accepted

Cons

• Some features are fee-based
• Up to 7-day delay on funds availability with mobile check deposit

What Is Relay Bank?

Relay is an online banking and money management platform backed by Relay Financial, a fintech company. Banking services including FDIC insurance are provided thanks to Relay’s relationship with Thread Bank and Evolve Bank & Trust, both Members FDIC.

Some of Relay’s perks and features landed this banking platform a spot on two of our top banking lists. We think Relay is one of the best free business bank accounts available. We also think Relay is one of the best business bank accounts for freelancers and self-employed workers.

Is Relay the business bank account you’ve been looking for? This Relay review will answer that question and more!

Is Relay A Bank?

Relay banking, with its parent Relay Financial, is a financial technology company providing a full suite of business banking services. However, Relay is not a bank.

Relay’s banking services are provided via a partnership with two direct banks, Thread Bank and Evolve Bank and Trust. Both these banks are Members FDIC. That means all funds deposited in a Relay account are covered under FDIC insurance up to the legal limit.

Because of these bank relationships, your money will be as safe with Relay as with any other secure business banking platform.

Relay Bank Rewards & Perks

Business banking is a competitive field, with fintechs competing with traditional banks to offer full-stack platforms that meet all your business’s financial needs, from incoming funds to outgoing payments and everything in between.

From that perspective, Relay comes in a bit light regarding rewards and perks. For example, you won’t see any valuable partner perks, access to credit, or cash-back rewards on your debit card purchases. You can find all those with other business bank accounts like the ones we included on our list of the best business bank accounts.

All the same, Relay offers some standard perks you’d expect in addition to some creative ones that elevate Relay’s rating in this category.

Here’s a list of what you can expect when you bank with Relay:

• High APY: When you join Relay, you’ll automatically be given a business checking account and a business savings account. You can open a second savings account if you like (and up to 20 total checking accounts). You’ll earn 1% APY on savings balances under $50K, 1.5% for balances from $50K-$250K, 2% on balances from $250K-$1 million, and 3% on balances over $1 million.
• Referral Bonus: Right now, Relay is making a promotional offer to existing customers who refer another business. You can earn a $50 deposit into your account when your referred customer opens an account and deposits at least $100. Your friend also earns a $50 bonus.
• Multiple Accounts: Relay customers can create up to 20 separate checking accounts and two savings accounts. (Sole proprietors are limited to 10 accounts.) Relay makes it easy to schedule automated transfers set as dollar amounts or percentages and customizable frequencies. This lets you separate income for profit, payroll, taxes, operating expenses, and so on while building your savings.
• Employee Cards: It’s rare to find a basic business bank account that lets customers issue cards for employee spending. Relay allows you to issue up to 50 physical and virtual Visa debit cards to facilitate authorized employee spending. Along with these cards, you’ll find tools for expense tracking including spending limits, pre-categorization of card purchases, and team spending records.
• Integrations: You’ll find direct integrations with QuickBooks Online and Xero as well as connections with payment processors like PayPal, Stripe, Square, and more that allow you to take payouts via ACH, wire, and check. You can control access to your banking information by assigning role-based permissions for functions such as bookkeeping, bill payments, and other tasks.

Relay Bank Pricing & Fees

Relay’s fee structure is simple, and it contains a lot of zeros. You won’t find many of the most common fees other business bank accounts come with. Here are some of the $0 fees you’ll get with Relay:

• No monthly fees
• No overdraft/bounced check fees
• No ATM fees
• No fee for cash deposits (made via AllPoint ATM)
• No ACH transfer fees
• No incoming wire fees (domestic and international)

Relay does charge fees for outgoing wire transfers. Expect to pay $5 for each outgoing domestic wire and $10 for each outgoing international wire transfer. Outgoing international wire payments may also incur a 1% foreign exchange rate if you want funds delivered in the currency of their destination.

It’s important to note that everything we have discussed so far in this Relay banking review refers to the free Relay business bank account. If you’re interested, you can also sign up for a Relay Pro account that starts at $30/month and includes perks such as same-day ACH delivery and better functionality of accounting integrations.

Relay Bank Eligibility Requirements

Relay’s eligibility requirements are broad and easy to meet. US corporations, LLCs, partnerships, and sole proprietorships can use Relay. There are no revenue requirements, minimum credit score, or other barriers to accessing Relay’s banking services.

Relay stands out from its competitors in the business banking field by accommodating non-US citizens, too. Citizens and residents of more than 200 countries can use Relay’s business banking services, as long as their business has an operating presence in the US.

If your business deals with cryptocurrency, firearms or weapons, credit repair, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales, you will not be eligible to bank with Relay.

Relay Bank Features

Relay’s free business banking account comes with all the features you’d expect to find, and then some. I think businesses of all sizes, from sole proprietors to corporations, will find what they need with Relay. And don’t forget, larger companies have the option to sign up for Relay Pro, the paid account, to unlock even more features. Relay’s deposit limits (see second table below) may mean this isn’t a good choice for the largest businesses, however.

Take a look at this summary table, and then we’ll go into detail on some notable features below.

As you can see, Relay delivers the most important functions and features most businesses need. Two notable exceptions: access to credit opportunities and merchant services. Note that Relay does make it easy to deposit payments via popular processors such as Square, Stripe, and PayPal among others.

So what are the standout features Relay delivers? Here are a few:

• ATM Access: Relay is part of the AllPoint ATM network, with 55,000+ machines worldwide.
• Cash Deposits: In an increasingly cashless society, I always appreciate finding banks that allow businesses to deposit cash. Relay supports cash deposits via ATM only, with no fees.
• Mobile Apps: It may seem intuitive that any banking platform or online-only bank needs a strong mobile app, but you’d be surprised how many don’t. I am pleased to note that Relay’s app gets good reviews for both the iOS and Android versions.
• Employee Cards: It’s rare to find a bank account that supports spending cards for employees. Relay goes far beyond the norm with up to 50 physical and virtual Visa debit cards for its business accounts.
• Unlimited Free Transfers: Mobile check deposits, ACH payments, and incoming wire transfers are always free.
• Automated Savings: When you open a Relay business checking account, you’re automatically given a savings account too. (You may be able to open another if you wish.) Set up automated transfers as a dollar amount or percentage and watch your savings grow.
• High APY: It’s not the highest I’ve seen, to be fair. But Relay’s minimum 1% APY beats the national average for savings by a wide margin. That rate is good on balances up to $50K. Deposit more in your savings account to earn an APY of up to 3%.

Finally, like all banking service providers, Relay puts some limits on the availability of funds deposited into your account.

Here is a quick overview:

Relay Bank Customer Service

Relay offers a good variety of support options, including telephone service. Judging from actual customers’ comments on review sites, customer support is a standout feature.

I always think it’s a good sign when reviewers mention their service reps by name, and I can see quite a few Relay reps’ names on the review sites I visited. Customers who take the time to note and remember a rep’s name and post it online attached to a positive review are great brand ambassadors for any company to have.

Relay is active on social media, including YouTube, Instagram, Facebook, LinkedIn, and the platform formerly known as Twitter. You can also email, visit the online help center, or access resources from within the iOS or Android app.

Relay Bank Reviews

It’s never a bad sign when a business website prominently displays positive customer reviews.

It’s even better when we can find more positive reviews online that back up those prominent reviews. That’s not always the case, but it certainly is with Relay banking. Although you’ll have to look under the parent name, Relay Financial, it’s easy to find positive reviews of Relay’s banking services.

Negative Relay Bank Reviews & Complaints

With close to 1,000 user reviews on Trustpilot, 83% are four-star reviews. Looking at the other 17%, we can identify a few recurring complaints like these:

• Slow transfer times, especially checks
• Poor service
• Frozen accounts with no warning or explanation

Positive Relay Bank Reviews

Relay’s mobile app receives high marks, with 4.5/5 stars on the Google Play Store and 4.7/5 stars on the Apple App Store. Looking across several review sites, the following features earn praise from Relay customers:

• Excellent customer service
• Multiple account options
• No fees
• Easy setup and user-friendly platform

Is Relay Bank Safe?

Relay takes a multi-layer approach to security, protecting users against digital and systemic risks as well as fraud. Relay uses industry-standard encryption to ensure secure and protected data transmission. The platform is continuously monitored using CloudWatch and CloudTrail. Regular regulatory audits and penetration tests identify potential vulnerabilities.

Your accounts with Relay will require two-factor authentication by default. The apps use biometric security measures.

Relay bank accounts are FDIC insured to the legal limit. Debit transactions are covered by Visa’s Zero Liability Protection.

How Does Relay Bank Compare To Other Banking Options?

Relay bank alternatives are worth considering.

Here are some of our favorite business bank accounts, with some basic information to help you choose the right bank account for your business.

Final Verdict: Is Relay Bank Worth It?

Relay is a standout business banking option that we are happy to recommend to any small to mid-sized business looking for a business banking relationship.

Its no-fee approach to business banking is a common one that small business owners deserve, in our opinion. Although a few advanced features are reserved for Relay Pro, which starts at $30/month, the majority of businesses will find what they need with the free account.

The free account includes some relatively uncommon features, such as fee-free cash deposits, debit cards for employees, a high-yield savings account, and the ability to open multiple checking and savings accounts to better manage your business finances.

I see two red flags with Relay’s business accounts. First, if your business is large enough to receive more than $50K in ACH deposits a month, you’ll run up against Relay’s deposit limits. Second, all businesses considering Relay should be aware of a lengthy timeline of up to seven days for funds from mobile check deposits to appear in your account.

If those flags concern you, or if you’d like to see some other options, check out our list of the overall best business bank accounts to find something that might suit you better. LLCs in particular might be interested in our list of the best banks for LLCs.

Relay Bank FAQs

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